Elliott wave analysis of EUR/NZD for July 20, 2018
July 20, 2018 5:21 am
We have seen a strong impulsive rally from 1.7116, which took out resistance at 1.7236 as nothing was there. This break indicated that a premature low had been seen and wave iii/ higher towards 1.7668 already had begun.
The very short-term structure shows, that a minor five wave rally has been seen from 1.7116 to 1.7305 indicating that a small correction towards 1.7188 – 1.7233 area should be seen now before the next impulsive rally higher to 1.7668 begins.
R3: 1.7345
R2: 1.7327
R1: 1.7305
Pivot: 1.7255
S1: 1.7233
S2: 1.7211
S3: 1.7188
Trading recommendation:
We bought EUR at 1.7237. We will take half profit here at 1.7275 and re-buy EUR at 1.7215. We have placed our stop at 1.7110.
The material has been provided by InstaForex Company – www.instaforex.com
We have seen a strong impulsive rally from 1.7116, which took out resistance at 1.7236 as nothing was there. This break indicated that a premature low had been seen and wave iii/ higher towards 1.7668 already had begun.
The very short-term structure shows, that a minor five wave rally has been seen from 1.7116 to 1.7305 indicating that a small correction towards 1.7188 – 1.7233 area should be seen now before the next impulsive rally higher to 1.7668 begins.
R3: 1.7345
R2: 1.7327
R1: 1.7305
Pivot: 1.7255
S1: 1.7233
S2: 1.7211
S3: 1.7188
Trading recommendation:
We bought EUR at 1.7237. We will take half profit here at 1.7275 and re-buy EUR at 1.7215. We have placed our stop at 1.7110.
The material has been provided by InstaForex Company – www.instaforex.com
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